2012-10-06
2012-10-14
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to this debt problem, led us to this deficit problem. they want homeownership for everybody. we want tax cuts. we want medicare part "d." we want an expansion of safety net programs and then this is what happens. there's no one in the middle to figure out how to pay for all this stuff the middle has been getting. >> and that's really honestly what this election is about. i think one of the things that i found fascinating, although i didn't think they quite got there, is when the two candidates were asked about the role of government, because that's what elections are always about, it seems to me. i mean, yes, you know, it's about turning out your base and about this or that, but it is mostly about what do you think the role of government is? should the government, for instance, be helping people buy homes through the deduction that we can take on interest rates on the home loan? that's a legitimate argument. is that really the role of government? and if so, somebody has to pay for it, but i don't think we have yet gotten down to the basics of that. what do you want your government to do becau

in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law belongs to democrats like bill bradley in the senate. just as much as to president reagan. as a member of the house back then, i not only voted for it, but i whipped the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach made a good deal of sense at the time. then, as now, the code was littered with egregious loopholes that needed to be reformed. recall the so-called passive law schools that were in place back then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley and then, if the bowling alley lost money, they could take a write off many times larger than their initial money incestment of their entire income tax liability. we need to get rid of such a gimmicky tax shelter. paring these loopholes al

president four years. you said you would cut the deficit in half. we still have trillion dollar deficits. >> five weeks before the election, he says his big bold idea is, never mind. >> if there is any good news for the president after the debate is that the unemployment rate dropped below 8% from 8.1%, to 7.8%, the lowest since he took office. jonathan martin was on the ground for the debate in denver. you say romney took the debate stage with the top republican verging on panic. did this turnaround for them? >> they are backing away from the edge. there is no question that this was a make or break moment for governor romney. if he had not shown up like he did in denver, you would have seen a really ugly scene here. a lot of folks in his party would have backed away from him. this puts him back in the game, it restores confidence among other people running for the house and senate this year who are now happy to be seen with him. it gives them a real boost when they desperately need it. he still has problems and a lot of swing states. this puts them back in the game, it turns around the

it but nobody's done it really since reagan. finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your botto line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from now using specifics. you c

is finally doing something about big bird. the new that he was driving our deficit. -- who knew that he was driving our deficit? a new obama campaign at mitt romney campaign week.ent last we have one out of six in poverty, 47 on food stamps, and the s timeent is spending hi saving big bird. i will spend my time talking jobs.saving but the latest polls show both neck-and-neck. you can watch the debate right thursday at 9:00 on abc 7. during that debate, we invite onto wjla.com and you us your instant reaction. >> of former cancer patient is out raged while trying to take a trip to paradise. hear what she said she was do at the airport. i'm barack obama, and i approve this message. "i'm not in favor of a $5 trillion tax cut. that's not my y plan." mitchell: n"the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we

losses, bigger unemployment and bigger deficits and more wars than president obama, was, by the failed policies of george w. bush. which resulted in directly, the greatest job losses since fdr. this is not easy and it is hard work but we are moving forward. >> let's talk about policies. we didn't hear in the hour and 25 minutes of debate anything about the stimulus package. if you look at the policy the trickle-down government policy as the governor described it, they represented below 6% unemployment now, after spending all of that money and had full charge of the first two years and the policies that this president put into place, actually made it worse. including the fact that obamacare is actually... employers, it is causing them not to hire and gas prices doubled and the middle class is buried under this administration and the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up in the debate. obviously the jobs report came out after the debate. both sides said the other candidate is lying about his position and let's start with taxe

bigger unemployment, bigger deficits, more wars than president obama was by the failed policies of george w. bush which resulted in directly the greatest job losses since fdr. h is hot easy. in is hard -- this is not easy. this is hard work. >> we didn't hear in an hour and 20 minutes of debate anything about the stimulus package because if you look at the policy the trickle down government policy as the governor described it, they represented we would be below 6% unemployment now after spending all that money. the policies that this president put into place is actually made it worse including the fact that obama care is causing small employers not to hire because of rising healthcare costs. gas prices have doubled. the middle class is being buried under this administration. the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up during the debate. obviously the jobs report came out after the debeat. both sides saying that the other candidate is lying about h his position and let's start with taxes. governor, the president keeps saying that

to deficit reduction rather than tax breaks for the wealthiest americans. charles schumer was speaking at the national press club in washington about the fiscal cliff, those expiring tax and budget cuts that go into effect in january. this is just under an hour. >> good morning. we're starting right on time today. i want to thank you for coming. i want to take up those of use who are joining us on seemed span. i am a member of the newsmaker committee of the national press club. on behalf of the national press club, we are honored to have charles schumer. the senator will address the topic of tax reform, and i want to say this is an appropriate tax -- topic. time, theus' prevailing idea was that there were dragons just over the horizon. columbus thought he could find a new route, and today we will be exploring new routes to tax reform. the senator will talk for approximately 25 minutes, and and it we will open up the news conference to questions. senator? thank you for that timely introduction. i want to thank the national press club. here is what i said yesterday -- [speaking italian]

in the debate. i think that what he did emphasize instead was that he was not going to add to the deficit or increase taxes on the middle-class. the study done the tax policy center and others show it is a little difficult to keep those pledges while cutting the rate the full 20%, and that is a decision by governor romney not to mention the 20% #says he is likely to adjust his plan, that he will stick with the idea but a -- of not adding to the deficit and not taxing in a class but will have to change the rate cuts a bet. >> this year would governor romney had to do -- say in his own words. >> i am not looking for a five door trillion tax cut. i said i would not put in place a tax cut that adds to the deficit. no economist can say mitt romney's tax plan as $5 trillion if i say i will not add to the deficit with my tax plan. number to, i will not reduce the share paid by high-income individuals. you keep saying that, and i know that is popular to say, but that is not the case. i have five boys -- i am used to people saying something that is not always true but is keep on repeating it and u

-income individuals to avoid either raising the deficit or burdening the middle class. it's math. >> i'm not in favor of a $5 trillion tax cut. my plan is not to put in place any tax cut that will add to the deficit. gwen: and will today's improved jobs numbers change the political landscape again? debating, peter baker of "the new york times," dan balz of the "washington post." jeanne cummings of block berg news, and john dickerson of slate magazine and cbs news. >> award winning reporting and analysis, covering history as it happens. live in our nation's capital, this is "washington week" with gwen ifill, produced in association with "national journal." corporate funding for "washington week" is provided by -- ♪ >> wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. >> we know why we're here. to connect our forces to what they need when they need it. >> to help troops see danger before it sees them. >> to answer the call of the brave and bring them safely home. >> around the globe, the people of boeing are working together to support and protect

believes. but paul ryan is just a terrible deficit for the ticket. the other thing is it is a base senator john mccain by 2 to 1 in the margin in the youth vote in this country. it's crucial for the president to get similar numbers this time around if he's going to win the state of florida. of course, to vote they must be registered and voter registration drives have been underway for months. yeah, i'm looking to save, but i'm not sure which policy is right for me. you should try our coverage checker. it helps you see if you have too much coverage or not enough, making it easier to get what you need. [ beeping ] these are great! [ beeping ] how are you, um, how are you doing? i'm going to keep looking over here. probably a good idea. ken: what's a good idea? nothing. with coverage checker, it's easy to find your perfect policy. visit progressive.com today. that he's the guy who is going to protect medicare when he's, in fact, going to turn it into voucher care. senior citizens, especially in states like florida, senate race in north dakota, montana, nevada, and arizona, believe it or not a

or explode the deficit. > deficit. >> reporter: what you're saying it it is unrealistic-- >> i'm saying it's impossible, not unrealistic. >> when president obama said in 2008 i'm going to cut the deficit in half, i'm going to close guilt me, people-- gitmo, people said-- did not sigh he was not telling the truth. >> closing gitmo involved congress and he couldn't get them to do that. the math, people over $200,000, and you still have a trillions of dollars hole, and he hasn't named the deductions he would close. this is a shell game, john. whichever shell you pick up, the middle class loses. the economy will lose, and i think that this is going to catch up with him. >> schieffer: what did the president think of his performance? >> i think the president understands-- you know, the president is his harshest critic, and without getting into detail, i think you can assume he has reviewed the tape and it will inform how he handles these subsequent debates. >> schieffer: do you think he was ill prepared. some are saying it was the people who prepared him. you were in the room. >> i was one of th

that his plan to cut the deficit is to cut off funding for pbs. this has become a full-fledged thing in the campaign now. the obama campaign today releasing this 30-second ad specifically on the issue of big bird. it's a sarcastic ad hitting mitt romney for being tough enough to take on this yellow-feathered fellow. and president obama has now fully incorporated the big bird line into his stump speech. >> for all you moms and kids out there, you should have confidence that finally somebody is cracking down on big bird. elmo has been seen in a white suburban. he's driving for the border. oscar is hiding out in his trash can. we're cracking down on um. governor romney's plan is to let wall street run wild again, but he's going to bring the hammer down on "sesame street." >> president obama now having lots of fun with this out on the campaign trail. but as a policy matter, it's sort of a serious thing. when mr. romney was asked during the debate how he would make the math work, he wants to be seen as the math ticket, how would you make the math work? how would you pay for t

toomey how the deficit is going to play a role in the depate. he was a member of the super committee. plus memorable moments from past vice presidential debates like this one from 1988. >> senator, i served with jack kennedy, i knew jack kennedy. jack kennedy was a friend of mine. senator, you're no jack kennedy. hey. hey eddie. i brought your stuff. you don't have to do this. yes i do. i want you to keep this. it'd be weird. take care. you too. [ sighs ] so how did it go? he's upset. [ male announcer ] spend less time at gas stations with best in class fuel economy. it's our most innovative altima ever. ♪ try this... bayer? this isn't just a headache. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. [ male announcer ] why do more emergency workers everywhere trust duracell...?? duralock power preserve. locks in power for up to 10 years in storage. now...guaranteed. duracell with duralock. trusted everywhere. extra curricular activities help provide a

into record deficits under george bush is because we put two wars and two tax cuts on a credit card. and now governor romney wants another $5 trillion in tax cuts that he can't pay for? not if i have anything to say about it. that's not going to happen. [applause] we are not going to let this country fall backward. not now. not with so much at stake. we've got to move forward. we need to invest in small business and manufacturers who create jobs here in the united states. we need to recruit 100,000 math and science teachers, train two million workers at community college, bring down the cost of college tuition. we need to -- [cheers and applause] we need to cut our oil imports in half. create thousands more jobs in clean energy. we need to use the savings from ending the wars in iraq and afghanistan to help pay down our deficit and put people back to work doing some nation building right here at home. that's the agenda we need. that's how you strengthen the middle class. that's how you keep moving forward. that's the choice in this election. and that's why i'm running for a second term. that

, the problem of running deficits and accumulating greater debt, that the country had a budget deficit, a trade deficit, a balance of payments deficit, and the fourth one you brought up was a leadership deficit. >> leadership is the greatest. >> can i ask you both, describe what is the problem with what appears to be in your mind a leadership deficit, that we're not getting the leadership on this key issue either from this president or past presidents, this congress or pass congresses/ what does it take to get elected officials to tackle at an issue, increasing their taxes? >> let's start with the families. they will get their attention. the voters have to understand all this, which they did not, and voters need to understand what we have to do to get all this corrected, and they do not. if we ever get that over to the voters, they will vote for the people who are geared up, ready, and know how to do it and are running on that basis, and then we can change this country forever and get us back to where we used to be when i was a boy in the depression. why schoolteachers and would have been docto

, they realize a new ad using big bird to sarcastically distort governor romney's approach to deficit reduction. >> one man has the guts to speak his name. >> big bird. >> it is me, big bird. >> big, yellow, a menace to our economy. lou: governor romney mentioning big bird in last week's debate as he proposed cuts and funding to the public broadcasting system among a whole bunch of other cuts, it has not stopped sesame workshop from objecting to the president's campaign ad, the nonprofit organization wrote quote, we have approved nong campaign add and as of our general practice, have requested that they be taken down, big bird joining the aarp, and a cincinnati deli owner and nbc's andrea mitchell on the list of people who' the obama campaign to just leave them out of the obama campaign, bad news piling up for the president, some of his most reliable brends hitting him hard, little bi politic coct small ball. and the silly obama campaign. and nbc news called ad absurd, their chief white house correspondent chuck todd said, quote, when can the obama campaign going to stop talking about the debat

this is an integral part of your jobs plan. our deficit has increased. unemployment is on the rise. this is not part of an active jobs plan. and next topic bills was something we all worry about, it taxes. chris keating will ask that question first. >> there is consensus that extending the bush tax cut is a good idea. there is sharp disagreement about whether the what they should benefit as well. how will you keep taxes lower on the wealthiest americans and keep the jobs as a whole? >> i do call for tax cuts for the middle class. i would keep all of the other tax brackets in place. there would be no gain or loss for others. even president obama in 2010 said we should not increase taxes will we are in a recession. we are barely out of a recession. i do not think now is the time to raise taxes. my plan does call for a tax cut for the middle class. the only one on the stage as called for a tax cut from the middle class. we need to make sure that if our economy starts to turn around and we are improving, i would recommend that we pay more taxes. i would be willing to pay more taxes as long as there's we

keeping his $5 trillion tax cut deficit -- new deficit neutral. no cost to the deficit and cutting $5 trillion mainly for the wealthy. let's watch. >> with regards to that tax cut, look, i'm not looking to cut massive taxes and to reduce the revenues going to the government. my number one principle is there will be no tax cut that adds to the deficit. i want to underline that. no tax cut that adds to the deficit. >> paul ryan just days before the debate last week directly contradicted romney. ryan said lowering the tax rates was more important than anything else, including getting rid of those deductions to pay for them supposedly. let's watch. >> what's most important to romney, what would he scale back on the 20% tax cut for the wealthy? would he scale back and say, okay, we're going to have to raise taxes for the middle class? i guess the question is what's most important to him in his tax reform plan -- >> keeping tax rates down. by lowering tax rates, people keep more of the next dollar they earn. >> that's more important -- >> that's more important than anything. >> in other wor

not how we tackle our deficit. >> the pressure now mounting on joe biden with the kentucky clash just over 24 hours away. can he seal the deal or is he facing a mission impossible? even with the a-team linking arms the president's campaign is sticking by its own balance plan and calling reinforcements to gear up. >> i would tell them to take whatever nervous energy they have and whatever hand wringing they will do over the next 24 to 48 hours and put that into a real effort to get this president re-elected. the president can't do it by himself. >> obama has to stand and deliver and nobody can do it for him. >> can the president recover? >> right. >> can he come back and be president on the stage with the contender mitt romney? >> how great is it for barack obama, look at this positively, he's the underdog now. the president of the united states is now the underdog. >> mitt romney will be stump thing hour in battleground ohio with the fiery surrogate chris christie who will be bringing what some on the left call his own jersey shore brand of gtl. go tell lies. meanwhile, romney's

the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as. >> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parting gift when people are on a game show and given a partin

paying for governor romney opposed tax plan either means going up the deficit or raising taxes on middle-class family. one or the other. then last week mitt romney actually said there's no economist who can say mitt romney's tax plan is $5 trillion. he says that if he says it's not true then it's not true. ok. [applause] it's true then it will not add to the deficit, that leaves one option, asking middle-class families to get rid of the deduction they get for having a home or raising their kids or sending them to college. most folks don't like that idea either. just last week when we were on stage together governor romney decided that instead of changing his plan he would just pretended did not exist. what $5 trillion tax cut? i don't know anything about a $5 trillion tax cut? when he is asked how he will cut the deficit, he says economic the mathematics work by eliminating public funding for pbs. this is not new. this is what he has been saying every time he is asked a question. he says we can cut out pbs. for all you moms and kids, don't worry, somebody finally has found out the big bi

that substantial deficit reduction would be associated with a substantial reduction in interest rates that would push the economy forward at the more rapid pace. indeed, in an important part of the economic growth of the 1990's can properly be attributed to the unlocking of economic energy that was achieved by the 1993 budget measures, that led to a reduction in interest rate, increase in investment, accelerating growth, lower capital clause, further improvement in the deficit and so forth. that approach, a fiscal consolidationization that lead to substantial growth was a plausible and compelling vision for the country in 1993 1993, it has been a plausible and come compelling vision for other countries and times in places. you cannot fall very far out of the basic. with interest rates at 1.7% for ten years. with a real interest at the level where if you want to put your money or store your money with the government for as much as twentd years, you have to pay them for the privilege of having them hold your money. if they are going give you back inflation. in such an environment, the reduction in

promise to get our spending under control by cutting the deficit in half. he was so confident that shortly after taking office president obama said he would fix the economy in three years or face a one-term proposition. today he has broken the promises. his words have no credibility. host: that was the republican weekly address. ralph from the main joins us on the independent line. caller: i was born in 1950, 61 years old. i have gone through all kinds of things. my dad was in the service -- i have had two fathers. i am taking care of my mother now who is just getting one cut back after another through social security. medical benefits. i am not happy. i know what is going on. in the last five years i have taking care of her 24-7. i have had time to educate myself on what it is. until we understand who the enemy is, nothing will change and their plans will continue. there are manufacturing a war because global international banks and their lackeys have bankrupted the world. derivatives are nothing more than leverage. you have a situation where if you look and research it, the city of londo

. you're going to have $1 trillion deficit. he said i have not done anything yet. >> we can not keep looking our children in the eye knowing that we're going to give them a diminished future because we're spending their money today. it is a very simple idea. mayor ron and i am going to bring it to washington. we have to stop spending money we do not have. we must cut spending. we must get this balanced budget. we must get this debt under control. >> congressman paul ryan and joe biden will face off in their only debate. martha margaret. you can watch and engage with our live in debate preview starting seven got p.m. eastern filed by the debate at 9:00. your reaction at and 30 p.m. -- at 10:30 p.m. >> c-span's debate website provides life and on demand coverage of all the presidential and vice- presidential debate. is on a place for you will see live coverage before and after the debate. it has each debate question as a separate. what your critics clips as well and read streaming tweets from political reporters. go to c-span.org/debate. >> the house has done better in making its proce

eisenhower's progressive conservative. he believed largely in a balanced budget and he was against deficit spending but he also believed the government had a positive role to play. the interstate highway system, which eisenhower -- which was eisenhower's brainchild. [applause] more money was spent on the intraday -- interstate highway system than the new deal from 1839 to 18 to 41 with zero impact on the budget because it was paid for through gasoline taxes. [applause] thethe st. lawrence seaway connecting the great lakes, opening the great lakes to traffic again had been on the drawing board since the administration of theodore roosevelt and eisenhower -- eisenhower took, assumed the presidency in a time of mccarthyism and incredible communist witchhunt. he did it as he did so many things in the background. it was eisenhower orchestrated the army's response in the army mccarthy hearings. i'm not going to get into a contest but that stunk. and when it was over mccarthy had him vanquished but i think it was the desegregation issue perhaps in which eisenhower most often underestimated. presi

means blowing up the deficit or raising taxes on middle-class families. one or the other. pick your poison. last week, mitt romney said, there is no addition to the deficit with my tax plan. if he says it is not true, then it is not true. ok. it is true that it is not going to add to the deficit, that leaves only one option. that is asking middle-class families to foot the bill by getting rid of the deductions for owning a home, raising kids, or sending them to college. as it turned out, most folks do not like that idea either. just last week, on stage, governor romney decided that instead of changing his plan, he would pretended did not exist. what $5 trillion tax cut? i do not know anything about that tax cut. pay no attention to the tax cut under the carpet, behind the curtain. when he was asked how he would cut the deficit, he said he could make the math work by eliminating local public funding for pbs. by the way, this is not new. this is what he has been saying every time he is asked a question. we can cut out pbs. for all you moms and kids out there, do not worry. somebody is

: in battleground ohio, president obama insists mitt romney's tax cuts will add $5 trillion to the deficit. >> if it's true it's not going to add to the deficit, that leaves only one option, and that's asking middle class families to foot the bill. >> the president's charge of a $5 trillion tax cut is obviously inaccurate and wrong. >> reporter: romney also in ohio mocked the obama campaign's latest ad mocking his plan to cut funding for pbs. >> big bird. big bird. big bird. he's focused on saving big bird is kind of a strange thing in my view because, you see, i'm focused on helping the american people get good jobs. >> reporter: sesame street's now asked the obama campaign to pull the big bird ad, yet there are weightier questions here as congress looks into whether the u.s. was warned of the deadly libya attack. >> twice in the six-month lead-up you had bombings at our compound there in benghazi and it's 9/11 in libya. what other warnings do you need? >> reporter: warnings of trouble now for president obama romney's closing the gap. the latest poll, reuters has them tied, gallup has romney up by

or four point deficit. they need him to step up and do something. >> andrea: they also -- >> eric: stop the slide. >> andrea: they might rely on immediate you to do the dirty work. hostile in an interview that paul ryan had with a reporter. shows the media fury. >> this country has a crime problem. not a gun problem. >> no, if you look at the gun laws we have. i don't think president obama proposed gun laws. we have good strong gun laws. two have to enforce the laws. we have a lot of laws that aren't properly enforced. we need to enforce the law. best thing to prevent the violent crime in inner cities is bring opportunity in the inner city. >> andrea: we cut that. but it goes on where the reporter gets more and more hostile. eventually the press secretary pulls it. are we going to see the media step few the obama campaign is flailing more? >> dana: often the initials you get good interview from local media. if they think they will win a pulitzer prize from that, they're in trouble. paul ryan is smarter than everybody nellis the room. if it comes across that he knows he's smarter than ev

and managing deficits and on unleashing the forces of innovation. from everything i've seen the u.k.'s first coalition government since churchill is meeting these challenges head-on. in the face of the most challenging economic times we have experienced in decades this is a government that is clearly not afraid to leave. and in 2010 when david cameron went down the british economy and the entire european union was in dire straits. since then as we keep reading most national governments have tried to ride out the storm buy simply putting down the hatches and hoping that the sky is will return quickly. the governments have charted a new courses that will lead them to clear skies and i think the united kingdom has been an exception and the conservative party has been the reason. [applause] prime minister kim and together with his chancellor of george osborn are creating a new course for britain. it's not easy work, and i can appreciate how hard it is to step into a crisis and make the tough decisions to overcome. i first took office in the three months after the attack of my 11 -- 9/11. we lost

rather than into reducing the deficit. the reality is any path forward on tax reform that promises to cut rates will either end up failing to reduce the deficit, or failing to protect the middle class from a net tax increase. >> eliot: senator schumer suggested allowing the rates to return to the prebush rate. of course republicans were quick to pounce on shumers new approach be old attacks. mitch mcconnell said, and i quote . . . for more on the mayhem in washington, i'm joined by one of your favorites bernie sanders,ent senator of vermont. thank you so much for joining us tonight. >> my pleasure. >> eliot: is chuck schumer right that we could challenge the premise that rates at the top should come down. >> of course schumer is right. what the republicans want to do and some democrats is lower the tax rates for the wealthiest people in this country at a time right now, when the effect of what the wealthiest people actually pay is the lowest in decades. and even if you manage to close some loopholes you will become neutral -- you are not going to bring in any mo

would add to the deficit and romney insists it is absolutely not true. >> he said if he says it's not true, then it's not true. okay. >> reporter: in battleground ohio, president obama insists mitt romney's tax cut will add $5 trillion to the deficit. >> if it's true that it's not going to add to the deficit, that leaves only one option and that's asking middle class families to foot bill. >> reporter: the president's charge of a $5 trillion tax cut is obviously inaccurate and wrong. >> reporter: romney also in ohio mocked the obama campaign's mocking his plan to cut funds for pbs. >> big bird. >> big bird. >> big bird. >> he's focused on saving big bird. kind of a strange thing in my view because you see i'm focused on helping the american people get good jobs. >> reporter: sesame's street now asked the obama campaign to pull the big bird ad, yet there are weightier questions here as congress looks in to whether the u.s. was warned of the deadly libya attack. >> twice in the six month lead up, you had bombings at our compound there in benghazi and it's 9/11 in libya. what other

dust of trickle-down economics will somehow erase any damage to the deficit or hold harmless the middle class -- it is a mirage. it is not realistic. the broader issues of tax reform are something that very much interest the president of united states, but has always -- his approach is always that everyone has to pay their fair share, everyone has to pay their -- everyone has to get a fair shot. in the debate he is having with the election and has been having with republicans on capitol hill, if we take a balanced approach that includes increased revenues by asking millionaires and billionaires to pay a little bit more, we can reduce our deficit significantly -- $4 trillion -- while making sure that the middle class does not have its taxes go up and making sure that we invest in education and infrastructure and innovation. the alternative choice that has been presented is that we should lower taxes for millionaires and billionaires and in order to pay for that, we have to turn medicare into a voucher program. we have to get investments in education and innovation, research and developme

this deficit. and governor dukakis has been able to cut the deficit ten budgets in a row in the state of massachusetts. while he lowered the tax burden on the people from one of the highest to one of the law were in the united states. that is a major sense of achievement and i admire that and i'm just delighted to be on the ticket with him. governor dukakis and i agree that we ought to have a trade policy for this country. but we've seen this administration more than double the national debt, that they've moved this country from the number one lender nation in the world to the number one destination in the world under their administration. they have not had a faith policy committee of let trade be a handmaiden for the policy objectives of the country. that this country has exported to many jobs and not enough profits. and as i work to pass a trade bill through the united states senate, through roadblocks every step of the way but we passed a trade bill that any country that has full access to the markets we are entitled to full access to their markets. now that means that we are going

of a target, talking about the deficit and spending. you see the slogan we can't afford four more years like the last four years. governor romney has been ham thaerg home in recent days. we expect him to do the same again tonight. >> how is the prep going for the next debate? any ideas as to a change in strategy there? >> well, milissa, i can tell you they've been essentially prepping for this second debate, which is a town hall format for more than a year. governor romney did dos of town halls, particularly in the early primary states like new hampshire where you have rambunctious comments from a variety of folks. that is something he was very comfortable with. in the last few days they've been doing telephone town halls with voters in places like ohio and iowa. this morning they started a more formal prep. rob portman of ohio who has run high marks for his portrayal of governor obama in governor romney's first prep debate sessions arrived late last night. this morning they did a full debate session prep session. we expect to see a lot more of that in the weeks leading up to the debate. thi

% gdp growth after you get to an almost 10% deficit spend of $3 trillion out of deficit stimulus, it's not robust growth. what happens in this election is important. clearly people have to get out and vote. what's going to happen on this groundwork and infrastructure of our economy over the next four years is going to be crucial for future generations. >>. no, it's not about infrastructure. it has nothing to do with infrastructure. david, it has to do with mitt romney's brilliant tax reform plan to lower the rates and broaden the base and cap the deductions. we're going to talk about that in the next segment with arthur laffer and jared bernstein. but don't you think there's potential here for a political and economic revolution? and if a pro-growth revolution comes, american entrepreneurs, american small businessmen and women are poised, they are poised to torque up the animal spirits and give this a great lift. i think people in the stock market are missing this, david goldman. >> larry, markets have never been good about predicting elections and discounted them. but the fact is, w

. jordan zimmerman allows five runs. deficit 7-1, nats fighting back. zimmerman takes lance lynn deep to left field, a solo home run. next batter adam laroche, little rally perhaps, follows suit to right field off lynn, back to back jacks, deficit now 7-3. top of the 7th now an 8-4 ballgame, somewhat manageable. zimmerman with two on lines out to left field. jayson werth tags and scores. the relay throw is awful. harper tries to go and is tagged out. nats fall to the cards 12-4, series tied 1-1 surrendering double digit runs to the cards now, nothing new. the fourth time this year that's happened. let's hope the cards got those runs out of their system. lindsay murphy joins us live from st. louis with more. >> reporter: hey, let's just call it like it is. this was an ugly game for the nationals. the cardinals 12 runs on 13 hits and once again pitching is a concern for this nationals ball club. jordan zimmerman has been consistent all season lasted only three innings, his shortest outing since coming off tommy johns surgery. so think about that a second. this ballclub you would think

that they are not going to cut taxes in way that willed a to the deficit, and i'll bet they are also claim that they are not going to raise taxes on the middle class, but they'll give the middle class a tax break. all of those lies we have heard before. and obamacare is a big government program. i don't think joe can be too aggressive. he doesn't have to be obnoxious. that's not his style anyhow. but he has to take on every single one of those. the other thing i think is is important for joe biden, i believe, that he has got to remember, that this is not for him. nobody is going to vote for him or paul ryan. if you are going to vote for just joe biden or paul ryan. if you want to vote for paul ryan and joe biden, you can't do that. it's not about paul or joe, it's about barack obama and mitt romney. and joe biden has to keep bringing it back to the fundamental choices. move forward with obama or move backward with mitt romney. i think joe has to make that point over and over and over again. and then i think it is important for us to realize that in the past there have

they need for the jobs they want. get the deficit and debt under control to prevent a debt crisis. make trade in america and sell things overseas and champion small businesses. don't raise taxes on small businesses because they are our job creators. he talks about detroit. mitt romney's a car guy. they keep misquoting hip. let me tell but the mitt romney i know. this is a guy who i was talking to a family in north borough, massachusetts, sherylin mark-nixon. their kids were hit in a car crash, four of them. two of them were paralyzed. the romneys didn't know them. they never met. mitt asked to come over for christmas. he brought his boys, his wife and gifts. later on, he said, i know you are struggling, mark, don't worry about their college, i will pay for it. when mark told me this story -- mitt romney doesn't tell these stories. the nixons told me this story. when he told me the story, it wasn't the cash help, it's that he gave his time and he has consistently. this is a man who gave 30% of his income to charity, more than the two of us combined. mitt romney's good man. he cares about

national deficit has grown through $16 trillion. the president said he was gone to cut that in half, but it doubled under his watch. very disturbing is that when the president came into office there were 32 million americans on food stamps. today its 47 million. there is still an incredible number of ohioans and americans out there struggling. the choice is clear. we can have four more years like the last of zero four. what america needs is a real recovery. only romney and ryan can provide that. host: when the president took office we were losing 800,000 jobs a month. since the president took office, we have 5.5 million additional jobs. truck about the automobile recovering, he saved the automobile industry and 1/88 jobs in the state are reflective of the auto industry. i worked the railroad 41 years. the guys and women working there, they're happy, jumping up and down because they have employment. one out of eight jobs are connected to the auto industry. not only that, the government at the time, strickland, and the president came to and youngstown, my area, and it one of the last

money, at some point something bad happens. >> 180% of gdp, their deficit. we're 9%. so always a good idea to spend more money than you're take manage to try to get out of a recession. that's where you're at right now. so what you're doing is a government telling you that there will be inflation, we're going to keep interest rates very low. what that does, it encourages corporations to invest. the corporation sitting there with $2 trillion on their balance sheets and what they have to do, they have to invest to create jobs. the government is saying you can leave it there and wait for a disaster, but if you do, it will go down in value 4% every year and, therefore, encourage people to lower the dollar. that makes products worth more. so we're trying to encourage people to build products and plants. >> we had lloyd blankfein and simpson and bowles talking about the fiscal cliff. this is what lloyd blankfein had to say. >> i'd be a buyer of the market. goldman sachs would -- we not only value company, we're a company ourselves. we would be assuming that our business would grow, that comp

not cut taxes at all if they added to the deficit at all. now, as "the washington post" reporter checks out, for two years romney has been campaigning on a tax cut that would cost around $5 trillion over ten years. romney said he would eliminate deductions and cut spending to pay for it. he never offers details. he did say he would cut funding for public broadcasting which was 0.01% of federal spending in 2012. medicaid was 0.13%. romney also spoke in favor of regulations including much of the dodd/frank bill and he repeatedly held up as a model his health care plan in massachusetts which has added center the individual mandate and on which obama care is based. romney's transformation did not happen overnight. the candidate has been reworking his stump speech. in a very smart analysis, npr pointed out romney has a five point stump speech. the first four points are actually identical to obama's stump speech. two, domestic energy, three, retraining programs, four, domestic. -- deficit reduction. on five they differ. i've long argued that romney is an intelligent man trapped in a party tha

it. >> bill: no, we haven't balanced the debt! are you kidding me! we have a $1 trillion deficit! >> holding steady. >> bill: said a -- >> we had a surplus under clinton. >> bill: no, no, no, no. the debt wasn't xed out. you're mixing up the deficit with the debt. no, no, no, you're missing the deficit with the debt is yearly spending. the debt is cumulative. the debt wasn't wiped out. >> 1.7 trail in bush tax cuts, yes? that was -- >> bill: i'm not gog defend bush or the republican party. i'm going to tell you one thing, the highest tax revenues in the history of this nation occurred in 2007. the government got more money from we, the people, than any other time in history under the bush tax, the rich tax cuts. >> bill: after an hour at the podium, the two moved to more comfortable quarters. >> how is it that two personalities such as yourselves who are almost polar opposites politically, share a willingness to come together when congress can't? what advice would you give congress? [ applause ] [ laughter ] >> bill: what would you like for christmas, little boy? [ laughter ] get

deficit. >> big bird. >> big bird. >> thank goodness someone is getting tough on big bird. >> it is about time. >>neil: big bird is a big joke after mitt romney said he would cut funding to pbs rather than borrow money from china. the obama campaign is take on the governor romney that has the folks at "sesame street" stewing. >> one man has the guts to spoke his name. >> big bird. >> big bird. >> big bird. big. yellow. a menace to the economy. mitt romney knows it is not wall street you have to worry about, it's "sesame street." >>neil: i want that defy to voice my ad. with the debt mounting even big bird is getting nervous. >> look at this. don't worry, don't worry, everyone is printing more money. >>neil: big bird that is not so, we are not cleaning it up, we are bigging deeper. if you can't touch big bird, what can you touch? this is no joke says my guest. his new book is "who is the fairest of them all." he churns these books out so fast but this could boomerang? >>guest: this is my favorite lines in the debate, actually, when mitt romney said maybe we can live without pbs subsidies.

deficit in medicare. to save the programs, the republicans want to save them as much as anyone else, to save medicare and social security, they have to be reformed. but the other side is sticking their head in the sand and saying you want to destroy medicare. no, we are trying to preserve medicare. >>neil: this dates back to the reagan administration, senator, and the fact of the matter is, under republican and democratic presidents alike, even adjusted for inflation, the money going out far exceeds inflation year in and year out. that is not sustainable math. this comes down to an unpopular issue because then you are going presumably after seniors or you ericing the senior -- are risking the senior vote. i have been talking about changing the programs science i started running. i said inof thebly the age of eligibility when you begin receiving medicare and social security will have to gradually go up. the next generation may age and under. >>neil: what is the cut off age in people in their early 50's who should lock at getting it maybe in their middle to late 50's in what? >>guest:

competitiveness for the economy. another important element is the public sector deficit, and the stability of the government debt . another important structural reform is being put into the spanish constitution, the financial stability law. that means that the government is going to be more able to meet their objectives and to put a degree of control on the expenses and the deficit. the government can control the expenditures from the central government. another part of the government. you have unique tools in order to make that complied. now, the government as the proper tools to address these issues. in the process of addressing the fiscal situation, we have a totally out of control deficit in year 2009. deficit exceeding 11% of its gdp. now we and the royal of reducing the deficit. the very important issue is about the capacity of the government to get to the 6% public sector deficits. as the greek of skepticism in the markets, the capacity of the government. the government is confident that we can get to this figure. if they work to get their it will be very important positive message

would call these gimmicks, the full ten year cost of this bill has of $460 billion deficit. the second has a one half trillion dollar deficit. probably the most cynical gimmick in this bill is something that we all probably agree on. we don't think we should cut doctors' 21% next year. we stop those cuts from occurring every year for the last seven years. we all call this the toxics. well, according to your numbers it cost her her $71 billion. it was in the first iteration of all these bills. because it was a big price tag and made the score look bad, may look like a deficit, that provision was taken out and has been going on in stand-alone legislation. ignoring these costs does not remove them from the backs of taxpayers. hiding spending does not reduce spending. and so when you take a look of this is just as not add up. let's finish with the cost curve. we bending the cost curve down or up? well, if you look at your own chief actuary of medicare revenue up. he is time we are going up $222 billion, adding more to the unsustainable fiscal situation we have. and so when you take a look

talks with the deficit reduction packages the same way that paul ryan has. i thought it was very strong on that in terms of his command of the substance which made it harder for ryen to go out there and show himself, to have greater command. that was an area i think conservatives and republicans expected a little too much out of paul ryan. and where democrats could be proud of their guy against joe biden in terms of his command of a substance that he wasn't expected to necessarily have command of. >> listening to the romney campaign's reaction to this, heavy emphasis on biden's manners last night, on the laughing, the sort of dismissive attitude maybe. it seems to me the effect they're going for is making this the equivalent of al gore and the sighing in 2000 where that becomes the post-debate story. do you think that has attraction on the right, biden's manners? >> that's part of the discussion. i don't think anybody watched that debate and didn't think there were times he was smiling which didn't seem to be appropriate. particularly when they're talking about foreign policy and what w

, in 2010 a bipartisan federal commission unveiled the plan to cut the nation's deficit by $4 trillion through a mix of tax increases and spending cuts. the plan was never voted on in congress. do you agree with any or all with what the commission came up with? what other efforts do you think the country needs to take on to cut the country's debt, which now exceeds $16 trillion? >> debt and our deficit are very important issues that we need to tackle and they're a matter of national security. and this is one of the starkest contrasts between congresswoman bono mack and myself. you see, congresswoman bono mack wants to put the deficit and the burden of our debt on the shoulders of our seniors, our middle class and our students. by turning medicare into a private voucher system and charging our seniors $6,000 a year for their health care costs on average, by cutting pell grants and stafford loans who rely on those for their college education and she's voted to increase taxes on the middle class through the ryan plan. all of this in order to keep tax breaks for multi-millionaires and tax

. the facts are clear. obama's four deficits are the four largest in us history. he's adding almost as much debt as all 43 previous presidents -- combined. and over 30 cents of every dollar obama spends is borrowed. much of it from countries like china. he's not just wasting money, he's borrowing it and then wasting it. we can't afford four more years. [ romney ] i'm mitt romney and i approve this message.

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